# Summary Statistics — Sovereign Spreads Panel

| Variable | N | Mean | SD | Min | Max |
|---|---|---|---|---|---|
| sovereign_spread | 773 | 0.483 | 1.883 | -3.302 | 20.127 |
| spread_vs_us | 773 | 0.242 | 2.030 | -4.285 | 20.695 |
| spread_vs_de | 773 | 1.002 | 1.881 | -3.520 | 21.002 |
| rating_numeric | 2,312 | 15.091 | 5.040 | 0.000 | 21.000 |
| govt_bond_10y | 773 | 4.382 | 2.979 | -0.524 | 22.497 |
| short_rate_3m | 772 | 3.706 | 4.005 | -0.848 | 28.582 |
| Z_1 | 8,295 | -1.267 | 1.365 | -3.981 | 3.539 |
| Z_2 | 8,295 | -20.171 | 21.547 | -60.855 | 71.576 |
| Z_3 | 8,295 | -291.546 | 311.190 | -849.878 | 1248.709 |
| old_dep | 8,295 | 0.125 | 0.092 | 0.010 | 1.099 |
| youth_dep | 8,295 | 0.495 | 0.236 | 0.118 | 1.216 |
| fiscal_bal_gdp | 5,966 | -2.180 | 5.466 | -20.164 | 20.112 |
| nfa_gdp_lag | 6,244 | -0.217 | 1.594 | -46.386 | 15.699 |
| rgdp_growth | 6,461 | 3.398 | 6.260 | -54.336 | 147.973 |
| kaopen | 5,807 | 0.199 | 1.561 | -1.939 | 2.281 |
| govt_debt_gdp | 5,568 | 55.183 | 39.313 | 0.000 | 228.665 |
| trade_openness | 5,623 | 85.186 | 52.990 | 0.021 | 442.620 |

*Panel: 237 countries, 1990-2024*